At the beginning of 2024, Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies.

Required:

Identify for each item below the type of change and the reporting approach Wagner would use.

Type of Change (choose one)		Reporting Approach (choose one)
P.	Change in accounting principle	R.	Retrospective approach
E.	Change in accounting estimate	P.	Prospective approach
EP.	Change in estimate resulting from a change in principle
X.	Correction of an error
N.	Neither an accounting change nor an accounting error.